Legal news. Contents. Vision & Associates A TTORNEYS. PATENT & TRADEMARK A GENTS. I NVESTMENT & MANAGEMENT C ONSULTANTS. May 2010

Transcription

1 A TTORNEYS. PATENT & TRADEMARK A GENTS. I NVESTMENT & MANAGEMENT C ONSULTANTS Legal news Contents Press release... 2 Investment law... 4 Other Sectors... 8 Finance - Banking...8 Taxation...8 Trade...9 Labour...10 Health...11 Transport...11 Land...11 Judiciary...12 Agriculture...13 Investment...13 Miscellaneous...14 Contact Details...15 This Legal news is published solely for our clients and other interested persons. It is intended to be used for general information purpose only and should not be relied upon as legal advice or opinion. Professional advice should be sought for any specific situation. Please direct your inquiries to our offices or persons listed at the end of this Legal news. This Legal news is also available online at All rights reserved

2 Press release wins two prestigious law awards In received two highly coveted awards, the Chambers Asia s Law Firm of the Year for Vietnam 2010 award and Vietnam Law Firms & Lawyers Awards Law Firm of the Year. The awards fell in the same month as 11th anniversary, and are testament to the firm s commercial sense and understanding of core commercial issues. was selected for both awards from short lists that included the other major commercial law firms in Vietnam. On receiving the awards, Mr. Pham Nghiem Xuan Bac, the senior partner of Vision & Associates, commented: Through the slowdown of the legal market in 2009 caused by the global financial crisis, remained active in all major areas of corporate and finance law, particularly M&A, banking & finance, capital markets, foreign investment, energy and infrastructure, and, real estate. Chambers is the most respected award internationally. Leading international corporate counsels describe them as follows: Chambers guides are the first place to go when searching out reliable information on a law firm. Chambers guides are an invaluable tool and my first port of call to quickly identify suitable counsel. Chambers & Partners stands out for its comprehensive view of the marketplace, depth and quality of research, and commitment to reporting integrity. The Chambers Asia Awards, held in Singapore on 1 May, recognize a law firm's pre-eminence in key practice areas. They also reflect notable achievements over the past 12 months including outstanding work, impressive strategic growth and excellence in client service. Chambers noted that won widespread acclaim for the commercial sense and understanding of the core issues while this firm's best-known strengths remain within the IP field, it continues to develop its expertise in the corporate arena. The informed and always up-to-date group garners praise for its work in M&A, corporate governance and foreign direct investment. The Vietnam Firms & Lawyers Awards were initiated by the Vietnam Ministry of Justice. On 4 May, the inaugural Vietnam Law Firms & Lawyers Awards were held in Hanoi. The award recognized for the contributions that the firm and its partners brought to its clients, the best performance of the firm and the outstanding efforts of its lawyers last year, but also acknowledges the firm s steady market-leading practice in Vietnam. The event was attended by Deputy Prime Minister Trong, the Minister of Justice, Page 2

3 leaders of other government agencies, members of the People s Supreme Court, the People s Supreme Procuracy, the Vietnam Bar Federation, and the Vietnam Lawyer Association. In his address, the Minister of Justice noted that: the outcomes from the event may also provide enterprises and business people in Vietnam with a good view [about the law firms] when they are looking for legal advisory services in Vietnam. These awards are great honours for as it celebrates the 11th anniversary of the establishment of the firm. They recognize Vision s understanding of our clients commercial aims and Vision s ability to assist them to achieve those aims. Page 3

4 Investment law Foreign investment: how to comply with forex regulations? By Luu Tien Ngoc Back ground The more integration by Vietnam into the global economy, the more investment and business opportunities are available for foreigners. To do their investment in Vietnam, foreigners can choose either foreign direct investment ( FDI) or foreign indirect investment ( FII ). If under FDI scheme, foreigners must, before July 2006, follow the Law on Foreign Investment in Vietnam of 1996 ( FIL 1996 ), and from July 2006, the Law on Enterprises of 2005 ( LoE 2005 ) with respect to their local company incorporation (commonly called foreign invested companies or FIE ), and the Law on Investment of 2005 ( LoI 2005 ) with respect to their local investment projects in Vietnam. If under FII scheme, foreigner investors must, before July 2006, follow the Law on Enterprises of 1999 ( LoE 1999), the Law on Domestic Investment Promotion of 1998 ( LDIP 1998 ), and the under-law regulations on securities particularly Decree No. 144/2003/ND-CP, dated 28 November 2003, of the Government, on securities and securities market ( Decree 144 ), and from July 2006, generally speaking, the LoE 2005 and LoI 2005, and from January 2007, the Law on Securities of 2006 ( LoS 2006 ) in particular. Under the LoI 2005, direct investment means a form of investment where investors invest their investment capital and participate in its management, while indirect investment means a form of investment where investors buy shares, capital contribution portions, bonds, and/or other valuable papers, by themselves or via investment funds or other financial intermediaries, but not directly participate in investment activity management. Foreign direct investment and investment account Under the FIL 1996, once having a FIE establishment and to carry out its investment project, apart from common accounts in VND and foreign currencies for normal operations, FIE must open a so called special capital deposit account in foreign currencies, at any bank licensed to operate in Vietnam, solely for the purpose of dealing with foreigners capital-related transactions, including initial capital contribution (inflow) and foreigners legal income needs to be sent outside (outflow) from Vietnam. Concretely, with respect to the inflow, all capital to be contributed to the charter capital of FIE by foreigners, from outside to Vietnam, must be transferred to this account. Similarly, with respect to the outflow, the original capital and all of the legal incomes, including those derived from capital transfer to other investors, must be transferred to this account for the purpose of conversion of VND into foreign currencies (if any) before being further remitted from Vietnam to abroad. This is the only way to get VND capital amount and/or income converted into foreign currencies and send it out of Vietnam. The legal instruments that provide the guidelines for opening, using and maintaining the account, comprise Circular Page 4

5 No.04/2001/TT-NHNN, dated 18 May 2001, of the State Bank of Vietnam ( SBV ), on the forex issues with respect to FIE and foreigner party to the business cooperation contract ( Circular 04 ). For reference here only, such so-called special capital deposit account in foreign currencies is briefly referred to as Circular 04 Account. Note that Circular 04 was issued to provide the guidelines for the implementation of Decree No. 24/2000/ND-CP, dated 31 July 2000, of the Government, on the implementation of FIL 1996, which has been replaced by LoE 2005 and LoI Foreign indirect investment and investment accounts Under the regulations on securities and stock market, to do investment, a foreigner must, in addition to applying for a trading code, registering securities trading account, etc., open the so called account for capital contribution and share purchase in VND, at any bank licensed to operate in Vietnam, in case of capital contribution to and share purchase from unlisted companies (i.e. only for equity or shares purchase), in accordance with Circular No. 03/2004/TT-NHNN, dated 25 May 2004, of the SBV, on the management of forex issues with respect to the capital contribution, share purchase by foreign investors in Vietnamese companies (called as Circular 03 Account, for reference here only). Similarly, foreign investors must open such so called special securities transaction account in VND at any bank licensed to operate in Vietnam, through or as recommended by a securities company where they open their securities trading account, in case of investment into listed securities (including shares, bonds and other securities), in accordance with Decision No.1550/2004/QD-NHNN, dated 6 December 2004, of the Governor of the SBV, on the management of forex issues with respect to the sale and purchase of securities by foreign investors on the securities trading centres/ stock exchanges (called as Decision 1550 Account, for reference here only). Similar to Circular 04 Account, the sole purpose of the latter accounts (i.e. Circular 03 and Decision 1550 Accounts) is to deal with foreigners capital-related transactions, including inflow and outflow. Again, this is the only way to get their original capitals and legal incomes in VND converted into foreign currencies, and send them out of Vietnam. Note that Circular 03 was issued to provide the guidelines for the implementation of Decision No.36/2003/QD-TTg, dated 11 March 2003, of the Prime Minister. This Decision issued the regulations on foreigners capital contribution and share purchase in Vietnamese companies ( Decision 36 ), and was an instrument to provide guidelines for implementation of the LoE 1999 and LDIP 1998, which have been replaced by LoE 2005 and LoI And, Decision 1550 was issued to provide guidelines for the implementation of Decree 144, which has been replaced by LoS Foreign exchange management and investment accounts The Ordinance on Foreign Exchange of 2005 ( Forex Ordinance 2005 ) sets out the general rules for all issues relating to forex issues in Vietnam. Although it combinedly defines a sole purpose of investment accounts (applicable to foreign investors), that is, to deal with their initial investment capital transferred to Vietnam, and that capical along with legal incomes sent out of Vietnam, it remains to distinguish foreign direct investment capital account in foreign currencies (which may be identical to Circular 04 Account), applicable to FDI activities in Vietnam, from foreign indirect investment capital account in VND (which may be identical Page 5

6 to Circular 03 and Decision 1550 Accounts), applicable to FII activities in Vietnam. However, to date, there is only Decree No. 160/2006/ND-CP, dated 28 December 2006, of the Government ( Decree 160 ), issued to provide guidelines for its implementation. We still await further detailed regulations (may be at circular level), to provide further detailed guidelines for the forex issues and investment accounts applicable for FDI and FII activities, which may then replace Circular 04, Circular 03 and Decision 1550 accounts, and be consistent with the requirements on foreign exchange as provided in Forex Ordinance 2005, LoE 2005, LoI 2005 and LoS Due to the fact that there is no detailed guidelines for implementation of Forex Ordinance 2005 and Decree 160 as mentioned above, we must still follow the old rules as provided in said Circular 04, Circular 03 and Decision 1550, as legal basis to carry out foreign exchange transactions and foreign investors capital management. Generally speaking, certain regulations of Circular 04, Circular 03 and Decision 1550 are not fully compatible with the new requirements on forex management in Forex Ordinance 2005, LoE 2005, LoI 2005 and LoS 2006, as well as the same newly arisen in the current investment environment context that has been much changed over the last ten years. Untransparent law enforcement, leading to uncertainties to capital transactions and risks to foreign investors The continued use of the old regulations in the new context as mentioned above, plus the absence of specific guidelines for the new regulations, along with different interpretations that have been occurred from time to time during law application and enforcement, have resulted in certain troubles to foreign investors capital transactions, and risks of being unable to transfer their capital and legal income out of Vietnam. Among other causes to such uncertainty, we can list out as follows: First, it is unclear which accounts, i.e. only Circular 03 Account or Decision 1550 Account or both, will be used when a foreign investor invests through FII, in both unlisted shares and listed securities, without participating in investment operation management. As mentioned above, Circular 03 Account is only served for the sale and purchase of contributed capital portion or unlisted shares, while Decision 1550 Account - the sale and purchase of listed securities (including not only shares, but also bonds, other valuable papers, etc.). Is there any difference in case where a foreigner both invests and participates in management of its investment (i.e. their investment, according to LoI 2005, turns into FDI, but not FII)? If so, will Circular 04 Account (only for FDI) be applicable (as mentioned above, such account is served only for FDI, in particular for new FIE incorporation in Vietnam, and to which account foreign investor must then transfer his/her capital in foreign currency), simultaneously with, or instead of, the abovementioned Circular 03 Account and Decision 1550 Account? Second, it is also unclear which account, that is, only Circular 04 Account or both Circular 03 Account and/or Decision 1550 Account, should be used when a foreigner invests in shares newly issued and offered by an existing FIE (for capital raising during its operation) or transferred from existing shareholders in that FIE, during its operation, and participates in such investment activity management (i.e. FDI). As Page 6

7 mentioned above, Circular 04 Account is apparently served for capital transactions in FIEs only when they are newly established. Again, is there any difference in case where a foreigner invests in FIE but not participates in its management (i.e. FII)? If so, will Circular 03 Account and/ or Decision 1550 Account be applicable instead? Solution To clear off the above said uncertainties, new regulations at circular level should be issued as soon as possible to implement Forex Ordinance Such regulations should comprehensively address to the above said forex issues arisen out of the investment capital transactions, within the framework of the LoE 2005, LoI 2005 and LoS From the practical point of view, and for the purpose of SBV s centralized control on the forex inflow and outflow by foreign investors, a single investment capital account for each foreign investor in Vietnam should be considered. Such account should be registered with the SBV and used for all investment/ capital transactions (whatever it is, FDI or FII) made by foreigners, instead of two or three accounts as now. However, where a distinction needs to be made between an account for direct investment capital and the same for indirect investment capital, their use should be allowed to be more flexible. A foreign investor can be a FII investor today, but it can be a FDI investor tomorrow and vice versa. In particular, with respect to FII activities, it can be a FII investor in the unlisted/otc (over-the-counter) market today, but it can be FII investor in the stock exchanges tomorrow, and the other way around. Page 7

8 Other Sectors Finance - Banking Decree No. 51/2010/ND-CP dated May 14, 2010 providing for invoices of goods sale or service supply. On May 6, 2010, the Ministry of Finance stipulated Decision No. 982/QD-BTC correcting Circular No. 63/2010/TT-BTC dated April 22, 2010 of this Ministry. Circular No. 79/2010/TT-BTC dated May 24, 2010 of the Ministry of Finance providing guidelines for the financial settlement when transforming State-owned companies into one member limited liability ones. On May 20, 2010, the State Bank of Vietnam issued Circular No. 13/2010/TT- NHNN providing for the safety limits for the operation of credit institutions. Circular No. 76/2010/TT-BTC dated May 17, 2010 of the Ministry of Finance on the collection rates and the regime of collection, payment, management and use of charges and fees in the field of atomic energy. On April 22, 2010, the Ministry of Finance stipulated Circular No. 66/2010/TT- BTC providing guidelines for the determination of market prices in business transactions between the parties having an affiliated relationship. Taxation Resolution No. 928/2010/UBTVQH12 dated April 19, 2010 of the Standing Committee of the National Assembly promulgating tax rates for natural resources. On May 14, 2010, the Government issued Decree No. 50/2010/ND-CP detailing and providing guidelines for the implementation of a number of articles of Law on Natural Resources. Decision No. 752/QD-TCT dated May 14, 2010 of the General Department of Taxation promulgating the tax debt management process for household businesses and individuals that have the obligation to pay tax to the State budget under the authority of the Tax Departments. On May 28, 2010, the Ministry of Finance stipulated Circular No. 80/2010/TT- BTC detailing codes and amending the preferential import tax rates applicable to items under Group 1104 in Circular No. 216/2009/TT-BTC dated November 12, Circular No. 78/2010/TT-BTC dated May 20, 2010 of the Ministry of Finance amending the export tax rates applicable to a number of items under Group 2614 in the Export Tariff and the Preferential Import Tariff. Page 8

9 On May 17, 2010, the Ministry of Industry and Commerce issued Circular No.20/2010/TT-BCT on providing the list of consumer goods for the purpose of determining time limits for import tax payment. Circular No. 71/2010/TT-BTC dated May 7, 2010 of the Ministry of Finance providing guidelines for tax determination for car and motorbike dealers, which state the sale prices on the bills to be given to consumers lower than normal transactional prices on the market. On April 22, 2010, the Ministry of Finance stipulated Circular No. 64/2010/TT- BTC amending and supplementing Circular No. 134/2008/TT-BTC dated December 31, 2008 of this Ministry providing guidelines for the implementation of tax obligations applicable to foreign organizations and individuals doing business in Vietnam or having incomes in Vietnam. Trade Decision No. 2840/QD-BCT dated May 28, 2010 of the Ministry of Industry and Trade promulgating the list of machinery, equipment, and raw materials that can be domestically produced. On May 21, 2010, the Prime Minister issued Decision No. 712/QD-TTg approving the National Programme on "Improving productivity and quality of products and goods of Vietnamese enterprises to Decision No. 1020/QD-BTC dated May 11, 2010 of the Ministry of Finance providing for the functions, duties, authority and organizational structure of the Department of Customs Informatics and Statistics under the General Department of Customs. On May 11, 2010, the Ministry of Finance stipulated Decision No. 1019/QD- BTC providing for the functions, duties, authority and organizational structure of the Customs Supervision and Control Department under the General Department of Customs. Decision No. 1018/QD-BTC dated May 11, 2010 of the Ministry of Finance providing for the duties, authority and organizational structure of the Subdepartments and the Bureaux under the General Department of Customs. On May 11, 2010, the Ministry of Finance issued Decision No. 1017/QD-BTC providing for the duties, authority and organizational structure of the Im-ex Duty Examination and Collection Department under the General Department of Customs. Decision No. 1016/QD-BTC dated May 11, 2010 of the Ministry of Finance providing for the functions, duties, authority and organizational structure of the Investigation and Enforcement Department under the General Department of Customs. Page 9

10 On May 11, 2010, the Ministry of Finance stipulated Decision No. 1015/QD- BTC providing for the functions, duties, authority and organizational structure of the Post-clearance Audit Department under the General Department of Customs. Decision No. 1014/QD-BTC dated May 11, 2010 of the Ministry of Finance providing for the functions, duties, authority and organizational structure of the Internal Inspection Department under the General Department of Customs. On May 28, 2010, the Ministry of Industry and Trade issued Circular No.24/2010/TT-BCT providing for the application of the regime of automatic import license grant to a number of items. Circular No. 22/2010/TT-BCT dated May 20, 2010 of the Ministry of Industry and Trade on the application of automatic import license to a number of steel products. On May 17, 2010, the Ministry of Industry and Trade stipulated Circular No.19/2010/TT-BCT promulgating the list of products and goods that can endanger the safety under the management responsibility of the Ministry of Industry and Trade. Circular No. 74/2010/TT-BTC dated May 14, 2010 of the Ministry of Finance amending and supplementing a number of contents in Circular No. 116/2008/TT- BTC dated December 4, 2008 of this Minister providing guidelines for customs procedures with respect to goods processed for foreign traders. On May 10, 2010, the Ministry of Industry and Trade issued Circular No.18/2010/TT-BCT regulating the operation of a competitive power generation market. Circular No. 17/2010/TT-BCT dated May 5, 2010 of the Ministry of Industry and Trade providing for the contents, order, and procedures for preparation, evaluation and approval of planning on trade development. Labour On May 6, 2010, the Government stipulated Decree No. 47/2010/ND-CP providing for the sanctioning against administrative violations of labour laws. Decision No. 613/QD-TTg dated May 6, 2010 of the Prime Minister on monthly allowances to people with full 15 years to below 20 years of actual working whose time for enjoying working incapability allowance has expired. On May 18, 2010, the Supreme People s Court; the Ministry of Labour, Invalids and Social Affairs; and the Supreme People s Procuracy jointly issued Interministerial Circular No. 01/2010/TTLT-TANDTC-BLDTBXH-VKSNDTC providing guidelines for the application of some provisions of law in the process of settling disputes arisen out of guarantee contract in favour of employees working overseas under the contract at people's courts. Page 10

11 Health Circular No. 29/2010/TT-BYT dated May 24, 2010 of the Ministry of Health providing guidelines for the implementation of a number of articles of Decree No. 88/2008/ND-CP dated August 5, 2008 on gender redetermination. On May 12, 2010, the Ministry of Health stipulated Circular No. 13/2010/TT- BYT providing guidelines for the management of quick test kit for foods. Circular No. 12/2010/TT-BYT dated April 29, 2010 of the Ministry of Health promulgating the list of traditional medicines mainly used in medical establishments. On April 29, 2010, the Ministry of Health issued Circular No. 10/2010/TT-BYT providing guidelines for the narcotic drug-related activities. Circular No. 09/2010/TT-BYT dated April 28, 2010 of the Ministry of Health providing guidelines for drug quality control. On April 26, 2010, the Ministry of Health stipulated Circular No. 08/2010/TT- BYT providing guidelines for data reporting of bioavailability/ bio-equivalence study in drug registration. Transport Decision No. 30/2010/QD-UBND dated May 10, 2010 of the People's Committee of Ho Chi Minh City on the scope of a pilot application of administrative sanctions in the field of land road traffic with respect to a number of violations in Ho Chi Minh Inner City under Decree No. 34/2010/ND-CP dated April 2, On May 17, 2010, the Hanoi People's Committee issued Decision No. 2177/QD- UBND approving the area of Hanoi inner city to implement a "pilot application of sanction levels under Decree No. 34/2010/ND-CP. Land Decision No. 35/2010/QD-UBND dated May 28, 2010 of the People's Committee of Ho Chi Minh City promulgating regulations on compensation, assistance and resettlement when the State recovers land in Ho Chi Minh City. On May 12, 2010, the Prime Minister stipulated Decision No. 40/2010/QD-TTg promulgating the model regulation on management and use of Land Development Fund. Decision No. 18/2010/QD-UBND dated May 10, 2010 of the Hanoi People's Committee promulgating regulations on the grant of certificates of land use rights and ownership of residential house and other properties attached to land, registration of changes in land use, and ownership of assets attached to land for organizations in the area of Hanoi. Page 11

12 Natural Resources - Environment On May 26, 2010, the Prime Minister issued Decision No. 742/QD-TTg approving the planning on system of marine reserves of Vietnam to Decision No. 1186/QD-BTC dated May 26, 2010 of the Ministry of Finance correcting Circular No. 184/2009/TT-BTC dated September 15, 2009 of this Ministry providing for the regime of collection, payment, management and use of fees for issuance of permits for mineral activities and exclusive mineral exploration. Information- Communications On May 24, 2010, the Government stipulated Decree No. 55/2010/ND-CP on the amendment and supplement to a number of articles of Decree No. 142/2004/ND- CP dated July 8, 2004 providing for the sanctioning administrative violations in relation to posts, telecommunications and radio frequencies. Decision No. 1119/QD-NHNN dated May 10, 2010 of the State Bank of Vietnam promulgating the regulation on use of electronic mail system of the State Bank of Vietnam. On May 31, 2010, the Ministry of Finance issued Circular No. 81/2010/TT-BTC providing guidelines for order placement system in providing public services of coastal information. Circular No. 12/2010/TT-BTTTT dated May 18, 2010 of the Ministry of Information and Communications providing for information updating of information technology application investment projects funded by the State budget to National Database about projects on information technology applications. On May 14, 2010, the Ministry of Information and Communications stipulated Circular No. 11/2010/TT-BTTTT providing for the promotional activities with respect to mobile services. Judiciary Decree No. 57/2010/ND-CP dated May 25, 2010 of the Government detailing and providing guidelines for the implementation of Ordinance on procedures for arrest of sea vessels. On May 14, 2010, the Ministry of Finance and the Ministry of Justice jointly issued Inter-ministerial Circular No. 73/2010/TTLT-BTC-BTP providing guidelines for the preparation, management, use and finalization of expenditures for dissemination and education of the laws. Page 12

13 Inter-ministerial Circular No. 09/2010/TTLT-BTP-BTC-BNV dated May 4, 2010 of the Ministry of Justice, the Ministry of Finance and the Ministry of Home Affairs providing guidelines for the implementation of Decision No.74/2009/QD- TTg dated May 7, 2009 of the Prime Minister providing for the regime of allowances for forensics. Agriculture On May 17, 2010, the Government stipulated Decree No. 52/2010/ND-CP on the import of fishing vessels. Decision No. 1037/QD-BNN-TT dated April 22, 2010 of the Ministry of Agriculture and Rural Development on the repeal of legal documents. On May 24, 2010, the Ministry of Agriculture and Rural Development issued Circular No. 31/2010/TT-BNNPTNT promulgating the National technical standards in the veterinary field. Circular No. 28/2010/TT-BNNPTNT dated May 4, 2010 of the Ministry of Agriculture and Rural Development promulgating the additional list of veterinary medicines, vaccines, biological products, micro-organisms, and chemicals used in veterinary, which are allowed for marketing in Vietnam for the 1st period in Investment On May 19, 2010, the Government stipulated Decree No. 53/2010/ND providing for the localities entitled to investment incentives and corporate income tax incentives regarding the administrative units newly established due to the Government s adjustment of administrative boundaries. Decision No. 757/QD-TTg dated May 31, 2010 of the Prime Minister approving the Agreement on Encouragement and Protection of Mutual Investments between the Government of the Socialist Republic of Vietnam and the Government of Islamic Republic of Iran. On May 13, 2010, the Ministry of Planning and Investment issued Decision No.678/QD-BKH approving the list of investment promotion activities under the national program of investment promotion in Decision No. 609/QD-TTg dated May 6, 2010 of the Prime Minister approving the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Socialist Democracy Republic of Sri Lanka on the promotion and protection of investments. On May 27, 2010, the Ministry of Planning and Investment stipulated Circular No. 11/2010/TT-BKH detailing the competitive offering. Page 13

14 Circular No. 10/2010/TT-BKH dated May 13, 2010 of the Ministry of Planning and Investment providing for the professional training and improving on tendering. Miscellaneous On May 24, 2010, the Government issued Decree No. 56/2010/ND-CP on the amendment and supplement to a number of articles of Decree No. 107/2007/ND- CP dated June 25, 2007 of the Government detailing and providing guidelines for the implementation of a number of articles of Law on Residence. Decree No. 54/2010/ND-CP dated May 21, 2010 detailing the implementation of a number of articles of Law on Cinematography No. 62/2006/QH11 and Law amending and supplementing a number of articles of Law on Cinematography No. 31/2009/QH12. On May 14, 2010, the Government stipulated Decree No. 49/2010/ND-CP providing for the exemption and reduction of school fees, tuition fee assistance, and the collection and use of school fees for education establishments under the public education system from the school year of to the school year of Decree No. 48/2010/ND-CP dated May 7, 2010 of the Government on contracts in construction activities. On May 14, 2010, the Hanoi People's Committee issued Decision No.19/2010/QD-UBND promulgating regulations on managing the urban trees, parks, gardens and zoos in the area of Hanoi. Decision No. 32/2010/QD-UBND dated May 20, 2010 of the People's Committee of Ho Chi Minh City on the organization of working on Saturday mornings to receive and settle administrative procedures. On May 11, 2010, the Prime Minister stipulated Decision No. 39/2010/QD-TTg promulgating the system of Vietnamese product categories. Page 14

15 Contact Details Hanoi Head Office Mr. Pham Nghiem Xuan Bac Managing Partner Mr. Pham Minh Hai Partner, Consulting Practice Ms. Le Quynh Anh Executive Partner, Legal Practice Ms. Le Thi Kim Dzung Partner, Intellectual Property Practice Unit , 3 rd Floor, Hanoi Towers 49 Hai Ba Trung, Hanoi, Vietnam Tel: / Fax: vision@hn.vnn.vn Ho Chi Minh City Office Mr. Luu Tien Ngoc Partner, HCMC office Mr. Geoffrey Hugh Sutherland Foreign Lawyer Unit 1801, 18 th Floor, Saigon Trade Centre 37 Ton Duc Thang Street, District 1 Ho Chi Minh City, Vietnam. Tel: Fax: hcmvision@hcm.vnn.vn Page 15